Supreme Court Halts NBCC's Appointment for Supertech's Housing Projects

The Supreme Court has paused an NCLAT order appointing NBCC as the consultant for Supertech’s stalled housing projects due to insolvency issues. The legal examination concerns whether the Insolvency and Bankruptcy Code procedures were followed. Around 27,000 homebuyers are affected as alternative solutions are sought.

The Supreme Court intervened on Friday to stay the National Company Law Appellate Tribunal's (NCLAT) decision to appoint the state-owned NBCC as project management consultant for completing Supertech Ltd's 16 housing projects valued at Rs 9,500 crore.

This judicial review aims to scrutinize whether the NCLAT adhered to the procedures outlined in the Insolvency and Bankruptcy Code, as raised by the homebuyers' concerns over fairness in handling insolvency proceedings.

Affected stakeholders, including approximately 27,000 homebuyers, await clarity and potential alternatives in resolving these stalled projects, as discussions are set for April 1, while the Supreme Court's intervention seeks a solution accommodating all stakeholders.